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Blackstone-owned energy storage developer Aypa Power secures US$320 million credit


Energy storage developer Aypa Power has secured US$320 million in corporate credit facilities to advance activities including interconnection agreements and customer contracts for a 15GW+ pipeline of projects.

Private equity firm Blackstone bought the business in 2020 and rebranded it from its former name of NRSTOR C&I. Prior to the acquisition, the company had been focused on commercial and industrial (C&I) projects, mostly in its home province of Ontario, Canada. Aypa Power has since pivoted towards the utility-scale market segment.

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It has become a player in the US grid-scale market, opening up an HQ far south of the border in Texas. In’ most recent coverage of Aypa Power, it secured US$88 million financing for a 173MWh standalone battery energy storage system (BESS) project in Texas’ Webb County.

At the time of that announcement, in July last year, the company put its development pipeline at 12GW. Aypa Power CEO Moe Hajabed said yesterday the company’s near-term goal is to get 1.5GW of its pipeline – which includes hybrid as well as standalone storage – to the notice-to-proceed stage, meaning construction is ready to go ahead, within the next 24 months.

The latest financing has been led by Banco Santander, Investec and Nomura, with the three acting as joint bookrunners and lead arrangers. The corporate credit facilities comprise a US$250 million letter of credit and a further US$70 million revolving credit.

The funding will be used as development capital and credit support for what Aypa Power described as securing “obligations principally relating to power purchase agreements (PPAs) and other revenue contracts, as well as interconnection agreements”.’ publisher Solar Media will host the 5th Energy Storage Summit USA, 28-29 March 2023 in Austin, Texas. Featuring a packed programme of panels, presentations and fireside chats from industry leaders focusing on accelerating the market for energy storage across the country. For more information, go to the website.

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